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F1 And Pirelli Agree Contract Extension Until 2024


Pirelli have been given a one-year extension to its contract with Formula 1 (F1) due to a delay in introducing new regulations.

In the original contract, signed in 2020, indicated a switch between the traditional 13-inch tyres to 18-inches in 2021.

Due to the COVID-19 pandemic new F1 regulations were postponed until 2022, meaning Pirelli would only have two years with the 18-inch rubber, potentially losing out on their end of the deal.

As a result, F1 proposed an extension to Pirelli, to which the Italian manufacturer accepted.

F1 CEO, Stefano Domenicali, said the extension was the right thing to do.

“The pandemic caused disruption across the world and F1 was not immune from that,” Domenicali said.

“We therefore took the necessary measures last year to defer the regulations by one year to 2022.

“Pirelli are very conscious of the strategic role that the tyres have in F1 and we know that they are working very hard to make sure that their products will represent the best balance between performance and durability in the new technical content,” he said.

Pirelli has contracts with both F1 and the FIA in terms of the supply deal, with F1’s main role covering commercial arrangements.

FIA president, Jean Todt, said being innovative is the most crucial thing to do during the pandemic.

“COVID-19 has presented us with significant challenges across all aspects of our businesses, but by working together in a sensible, pragmatic way, we have been able to ensure that the long term stability and strength of F1 remains undiminished,” Todt said.

“The shift to 18-inch wheels and tyres will certainly provide a more exciting image for F1 cars, but it has also presented a significant technical challenge requiring a lot of investment and development on behalf of Pirelli as they continue to deliver types that will perform at the highest level.

“In light of this, and the necessary postponement of the new regulations as a result of the pandemic, it is only logical to extend the supply of types accordingly,” he said.

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